News

The Pontifical Council for Justice and Peace published ‘Towards reforming the international financial and monetary systems in the context of a global public authority’ on Monday (24 October). The document was presented by Cardinal Peter Turkson and Bishop Mario Toso SDB, respectively President and Secretary of the Pontifical Council for Justice and Peace, and by Leonardo Becchetti, professor of political economy at the Roman University of "Tor Vergata".

Bishop Declan Lang is Chair of the Department for International Affairs at the Catholic Bishops’ Conference of England and Wales. He’s spoken about the announcement from the Vatican. He said:

“The presentation of ‘Towards reforming the international financial and monetary systems in the context of a global public authority’ by the Pontifical Council for Justice and Peace is rooted in the Church’s deep concern for the global common good.

“The document, with its ethical basis, is proving to be a stimulus for thoughtful critical reflection on the international structures that are in place in this era of global financial cooperation. It is important the Church continues to engage with vital issues, such as the economic and financial crisis, affecting people around the world with the aim of encouraging a better future for all peoples.”

The Bishops’ Conference of England and Wales played a central role in organising seminars exploring trust and ethics in the financial industry. In 2009 the seminar entitled ‘Leadership in the financial sector: a moral and spiritual challenge?’ brought together Archbishop Vincent Nichols and a number of leading figures in the City to explore issues of values and ethics in the light of moral principles of Catholic social teaching. Demonstrating the Church’s longstanding contribution to debates around economic activity, the Pope sent a message of support ahead of that gathering. Quoting his 2009 encyclical letter ‘Caritas in Veritate’ (Charity in Truth), he acknowledged the important discussions on ‘authentically human social relationships of friendship, solidarity and reciprocity’.

Further Information

Full Text: Note on financial reform from the Pontifical Council for Justice and Peace